Online Payment Solutions: A Brief on Various Services

Online Payment Solutions: A Brief on Various Services

E-commerce has experienced substantial growth since the dawn of the internet. Business to customer (B2C) is the most popular form of online business transactions. Many enterprises have online storefronts in addition to brick and motor ones these days, and some exclusively run on the internet. To gain a broader reach and utilize maximum potential, merchants prefer to operate on online platforms. Today, financial transactions are an inevitable business component.

Read on to find out various SEA online payment solutions offered by payment service providers.

E-wallets

An e-wallet is an e-commerce payment gateway system. It is a prepaid account, and the use is similar to a credit or debit card.

Transactions can be made through a computer or smartphone. The user needs to store money in the e-wallet and link it with the individual's bank account to make payments. It is used to make payments for a wide range of services such as online transactions, utilities, travel tickets, etc. The software component of the e-wallet stores personal information and provides encryption and security of data. The other component is a database of users such as name, shipping address, amount to be paid, payment method, card details, etc. The e-wallet is activated with a password.

Online Banking Payment Gateway

Online banking, also known as internet banking, enables a financial institution or a customer of a bank to make financial transactions online. The service applies to almost all banking services that are traditionally available. It is a safe banking method where unique user IDs and passwords secure net banking portals. Online banking is a reliable e-commerce payment gateway that enables a hasslefree payment in real-time from a customer's bank account. Online purchases are made with the ease of online banking through this SEA online payment solution.

QR Code Payment Solutions

A QR code, abbreviated form of Quick Response code, is a widely used 2D barcode readable by a smartphone with a built-in camera or a barcode reader that scans QR codes. As a business, you can accept QR payments as long as the payment service provider supports it. In fact, the QR code is an excellent method for merchants to accept payments without arranging an expensive setup or card machine. Additionally, the customer doesn't need to own a payment card.

Virtual Accounts

In the Virtual Account (VA) system, you can create and assign an account to each of your paying customers. VA allows your company to distinguish each payment from a payment source. All virtual accounts created and set are electronically linked to your master account. For instance, as a business owner in China who receives payments from no less than fifty different sources, you might prefer to use virtual accounts for better reconciliation of accounts.

Payment methods have evolved in the last two decades in Southeast Asia, and there are significant digital advancements in the industry.

As a merchant, you may want to take advantage of these advanced SEA online payment solutions and expand your business to new markets. Undoubtedly, with wisely chosen services suitable for your purposes, you can reduce the costs and maximize your profits.

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